Economic growth can be pictured in a production possibilities curve diagram by
A. shifting the production possibilities curve in.
B. moving from a point inside the production possibilities curve to a point on the curve.
C. making the production possibilities curve straighter.
D. shifting the production possibilities curve out.
Answer: D
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Economic freedom is present, at least in part, when
A) there are no property rights to limit people's freedom. B) there is no private property. C) people are able to make personal choices. D) there is no government. E) money is free.
Refer to Table 11-5. Consider the statistics in the table above in describing the industrialized countries. Are these consistent with the economic growth model? Briefly explain
What will be an ideal response?
All of the following are surplus items in the balance of payments EXCEPT
A) purchases of foreign assets. B) exports of merchandise. C) foreign tourist expenditures. D) funds deposited in this country by foreign residents.
A profit-maximizing monopolist charges a price of $12 . The intersection of the marginal revenue and marginal cost curves occurs where output is 10 units and marginal cost is $6 . Average total cost for 10 units of output is $5 . What is the monopolist's profit?
a. $60 b. $70 c. $100 d. $120